Chapter 6 Lecture 05 Demystifying Financial Predators

●This is the technology used by the United States during the Second World War. Why are Chinese people still using it? ●Who is really in charge of global power today?International financial predators. ●If there are no rules, after financial giants come in, they will definitely bully the small with the big and the weak with the strong. They can easily influence the economic and even political situation of a country. They cover the sky with one hand in the capital market, and they can wipe out decades of economic growth in a certain country and region in an instant.Their operations on the capital market are strange and superb, and they are eyeing China's capital market... They are financial predators.In this episode, Lang Xianping leads us close to financial predators.

Dear guests, audience friends in front of the TV, hello everyone, welcome to watch today's program.Today I want to discuss an interesting topic with you, called "International Financial Predators".Before talking about the "international financial predators", I would like to talk about why we call those financial experts "predators", and what is the gap between us and them?In fact, this gap is not a simple issue of financial warfare. It can be said that the financial means of those financial experts are much better than ours. Here I would like to use our country's education system as an example to illustrate this problem.From the perspective of the entire education system, those financial experts have a great advantage. Why do you say that?In the whole of China including the mainland, Hong Kong, Taiwan and other places, our top students basically appear in classes mainly majoring in science and engineering.The so-called "learn mathematics, physics and chemistry well, you will not be afraid to travel all over the world", this is why everyone likes to pursue science and engineering.

Take me as an example, why did I study business?I myself had poor grades in high school, and I only went to study business after I was eliminated. Otherwise, I would also go to study science and engineering.Under such an education system, we will have an illusion about the entire nation.I don’t know if you have heard such a sentence?It is said that we Chinese are the smartest nation.In fact, that is a very ignorant statement.It's a pity that I was so ignorant at the beginning. I always think that the Chinese nation is the most intelligent nation. Why do I say that?Because our students go to the United States to study, and they always come out on top in every exam, far ahead of those American students.But do you know why this happens?Because in the United States, outstanding talents do not study science and engineering at all. Who will study science and engineering?The third-rate talents in the United States, these people go to study science and engineering.

Speaking of this, some people may ask, so what are the outstanding talents in the United States doing?They all went to law school, business school, medical school, whatever.You may wish to think about it, how many US presidents graduated from law schools, and how many US officials came from law schools?The elites on Wall Street in the United States all come from business schools, let alone American medical schools. Here, I would like to use medicine as a breakthrough to talk about the problem, because medicine is closely related to everyone's life and is the field you are most familiar with.Let me make a comparison in medicine, and you will know how poor our business talents are.

Volleyball star Zhao Ruirui suffered a fracture while playing, and was treated by the most authoritative orthopedic surgeon in China.The doctor fixed the broken bone with a titanium alloy at the place where the bone was broken, and let her play after the broken bone healed itself.After the injury was cured, Zhao Ruirui was able to play volleyball again, but when she played, the old injury recurred and she broke a bone again in the same place. American orthopedic surgeons shook their heads and sighed after seeing this level.Do you know why they shake their heads?Because this technology is at the level of the United States in 1935.To give an example from my personal experience, my brother had a car accident in Beijing and fractured his femur.The doctor cut open the thigh muscles from the front, fixed the broken bone with steel rods, and put steel ingots on it.When my brother returned to Florida, the doctor couldn't help screaming immediately after taking the X-ray. This is the technology used by the United States during World War II. Why are the Chinese still using it?At that time the doctor had to tell my brother to re-operate.The method of surgery is the same as that of Zhao Ruirui. The wound is cut open again, and then all the steel ingots are pulled out, and the stainless steel is also taken off.Then how to do it?They made a hole in the butt and put a titanium alloy bone through the marrow, and within a week my brother was walking.In fact, Zhao Ruirui can treat her disease like my brother, cut an incision from the knee side, and then beat the titanium alloy into the bone marrow, so that it will never break again.Do you understand what I mean?

The doctor in Florida screamed and said: "Hurry up and take a picture, and we will publish it at the annual medical meeting in the United States." It can be seen how backward Chinese medicine is.Our medicine in Hong Kong is already advanced enough, and it is probably 10 years behind the United States.Another example from one of my family members - our family always breaks bones, I don't know why.He suffered a broken wrist and went to a hospital in Chengdu to see an orthopedic surgeon.Three doctors grabbed the wrist and tore it apart, put a cast on it, wrapped it with gauze and tied it up.I believe that all the guests here and the audience in front of the TV must think it is normal.But let me tell you, it's not normal at all.

After hanging up his hand, he went to Hong Kong for a follow-up visit. When he arrived at the Affiliated Hospital of the Chinese University of Hong Kong, he showed his hand to one of the associate professors.The academic research of this associate professor's life is related to wrist fractures, and he does not study other aspects.He's too professional to care about your broken wrist.Do you know what he did next?He asked the nurse to take out a piece of paper. It was just this big. It was skin-colored hard paper, and it became very soft after being soaked in hot water for 5 minutes.Then, he folded the piece of paper into the shape of a hand and tied it to the wrist. It solidified within a few minutes, as hard as iron, and no fracture could be seen when the sleeve was pulled.The hands can still move without bandages or casts. This is the orthopedic medicine in Hong Kong, which is more than 10 years behind the United States.Is this your first time listening to it?Let me tell you that our orthopedic medical skills are at least 60 to 70 years behind the United States. The topic I will tell you today is that my country's financial sector is as backward as medicine.The backwardness of our financial sector is beyond your imagination.

I believe you all know the "U.S. subprime debt crisis", so I won't talk about the details. Interested viewers can look up "U.S. subprime debt crisis" online.With the exception of a few banks like Goldman Sachs, many banks have suffered significant losses due to the "U.S. subprime crisis".One of the banks was called Commercial Bank of America, and they also suffered huge losses.Their statement to the media is as follows: "We admit that we made investment mistakes in the 'subprime debt crisis' and suffered huge losses, but we earned 130 billion from the listing of China Construction Bank." Comrades, do you know what the concept of 130 billion is?In other words, every Chinese commoner paid 100 yuan for it.

Where did our own foreign exchange investment funds go?Our comrades used it to invest in the Blackstone Fund, and later suffered a big loss.After making a comparison like this, you should understand, how many years is the difference between them and them?What do you think we should talk about next? The Asian financial turmoil in 1997, do you know why China survived?Do you think we are smarter?You must not think so. In fact, the Chinese are not a smart nation. The reason why we survived was because our country’s financial system was the most traditional and oldest system at that time. It protected our China. What kind of system is it? Woolen cloth?Fixed exchange rate and exchange control system.

It is this system that prevents these international financial giants from attacking China, and we are spared.These international financial giants began to slowly enter the Chinese market in 2007 and 2008. As long as we talk about financial predators, I would ask the guests present and the audience in front of the TV to think about the stories I told you. After the international financial giants were preparing to enter China, a very interesting phenomenon appeared.They just happened to see us doing bank reform.I major in finance. In China, I dare not say that I am the first one, but at least I am one of the first batch of professional finance doctors.I was never asked for my opinion when it came to banking reform.No one listens to what I say, not my family, not the professionals, not even our dog.Speaking of bank reform, I think this topic has been studied in the United States for an unknown number of years.Can you read more books before making reforms?Do you know how many years the issue of bank reform has been discussed in foreign countries?Do you know how many experts and scholars like me have published countless papers?I will take one of the papers as an example.

I was a corporate governance consultant for the World Bank in 1998 and 1999.This paper was written by three of my colleagues at the World Bank, and it is called "The World Bank Report: How to Reform the Bank".This article was published in 2001, and everyone speaks with information.what kind of data?This article selects 250 banking crises that have occurred around the world, discusses the ways that governments around the world deal with banking crises, and discusses the means of dealing with banking crises through bank reforms.Professor Lang can still recite his work. I remember the conclusion of the paper: 92 out of 250 crises could not find information, 141 governments were helpless (including the United States), 3 times strengthened supervision, and 14 times relaxed supervision.Don't think that Professor Lang made up these figures. In more than 90% of the cases, the information cannot be found, which means that the governments of various countries are helpless.Then think about it, everyone, even governments like the United States and the United Kingdom are powerless to reform banks, how dare you change them?And more interestingly, the conclusion of the article is as follows: none of the international organizations (including the World Bank and the International Monetary Fund), the multinational banks of the world, and the experts and scholars all over the world know how to reform banks. No one in the world knows how to reform the banks, but we have started to reform, how to reform?Restructuring and listing, do you know who our underwriter is?Who is the sub-underwriter?Or who were the advisers on bank reform?Investment bank, Morgan.Morgan is a shareholder in the US central bank.The People's Bank of China is controlled by the state and is a state agency, while the United States is a private enterprise.Everyone knows that there is only one company in the United States that is state-owned, and that is the post office. Even the central bank of the United States is a private company. Is this funny?Its shareholders are the Morgan family, including Morgan Stanley.That GP Morgan served as a consultant and underwriter for my country's bank reform is simply too interesting. If bank reform is so difficult, according to the conclusion of the World Bank report, they don't know how to reform. Then you say who benefits from the reform?I can tell you now.All the guests here, no matter where you are from, you will find that there are CCB everywhere.Why is this?I am a VIP customer of CCB. Although CCB's service is not good, I still became his VIP customer.There is only one reason, and its outlets are everywhere, with 16,000 outlets across the country.Think about it, everyone, even if I let American Commercial Bank or Citibank enter China today, even if I let them open outlets at will, do you think it is possible to open 16,000 outlets?How much will they spend on real estate, how much will they spend on renting real estate, and how much time and money will they spend on software and hardware configurations?What is more important is the recruitment of personnel. How much money and energy will be spent on personnel training?do you know?no one knows.Therefore, it is impossible for CCB to have rivals in the high density of business outlets. Well, an interesting game begins.We are engaged in bank reform, CCB is listed, and Commercial Bank of America gets 20% of the shares.What does it mean?There is no need to open the 16,000 outlets you have seen, why?Because 20% of the money in it belongs to it, you know what I mean?There is no need to open a branch anymore, and he will have everything as soon as CCB goes public.That is to say, Morgan has obtained 20% of the profit distribution right in the blink of an eye for the outlets that CCB has worked so hard to build over the past few decades.People don't need to buy real estate, nor rent real estate, nor do they need any software or hardware, because our "smart" Chinese have done it for them. Well, then the "subprime debt crisis" of American commercial banks came out, and he earned 130 billion through the listing of CCB.Comrades, is this level high?Do you know why you can earn 130 billion?Because we forgot one thing when CCB was listed, what is it?CCB is a state-owned enterprise, and CCB is a monopoly operation. According to the words that our common people can understand, what do we need to run a monopoly operation?Is the license fee?CCB did not pay the license fee, why not?Because it is a state-owned enterprise, there is no need to pay a license fee.Once it is transferred to a foreign bank, a license fee will be charged. Do you understand what I mean?You are a monopoly, but our CCB forgot to charge the license fee. So this so-called 130 billion should have been a license fee, understand what I mean?Our CCB listing is a "net price" listing, and no license fee is charged, which is why they can make so much money.I don't talk about other cases, but just this one case, how do you feel?Now it is found that the case of orthopedics is true, right?I often talk about this topic when I give speeches outside.Some people may ask, Professor Lang, what should our government do?I said why are you in a hurry, the government is not in a hurry, what are you in a hurry? This is how financial giants began to enter China. If you pay attention to media reports, not long ago, "21st Century Business Herald" canceled an article, which was also circulated on various websites, that is, the international giant UBS Huabao was suspected of manipulating PetroChina. .Why am I so familiar with it?Because this reporter kept calling me for consultation in order to write this article, he was afraid of making a mistake.Of course, I won’t talk about the details. I don’t care about its profits. The listed price of 16 yuan has soared to 48 yuan. As long as you buy PetroChina, it will be a nightmare.Of course, the current evidence is insufficient, and this is not very important. The important thing is that this reporter friend told me: "Professor Lang, we have all read your critical articles on international financial giants in Hong Kong in 2001. I have also read the books, but we never believed it, because we have not experienced it ourselves.” At the end of 2007, when our financial market was further opened up, when he really studied Hong Kong’s financial predators , only to find that Professor Lang's level is indeed very high. So how do these financial giants manipulate the world?As I said just now, for our country, the bank reform is not to be done by others, but to be reformed and listed by ourselves.What about the stock market?There are a few people in the industry that I particularly hate.One of them was Rogers.In February 2004, I played against him in China Business News.Confronting him touched China Business News.It is for this reason that later, "First Finance and Economics" asked me to do a program called "Financial Lang Xianping".If an audience friend asked him a question, how to trade stocks in China?He will repeat a sentence a dozen times: "Buy when the price falls and sell when the price rises." This is simply nonsense.All his remarks are for his own profit, why listen to him?So can I describe it as adoring foreigners?Let me tell you, it's not that simple.Because this guy is just a member of the international predators. The international predators you want to pay attention to are not Rogers or Soros, do you know?Rogers was Soros' deputy.So what do you need to focus on?The entire predator group.Who really wields global power today?International financial predators.Neither the President of the United States nor the Congress of the United States, but the financial predators behind it control everything.They run oil, they run war, that's them, they're terribly scary, and we don't know anything about it, like our orthopedics. Rogers has this reputation because he successfully sniped the yen in the 1990s, while Soros sniped the pound.And they swept across Asian countries at the same time in 1997, so it seems that these two friends are very good, as if they are very good.You must not take them too seriously personally, I want to tell you a word, this kind of ambiguous relationship between international predators and foreign governments is beyond your imagination. Let me give you an example. In the first half of 2005, foreign governments suppressed the appreciation of the renminbi.At that time, a large amount of hot money flowed into China. According to our research results, 60% of the hot money came from Japan, and 40% of the hot money came from the United States.I would like to ask everyone to recall, which two governments put the most pressure on the Chinese government at that time?That is Japan and the United States.How is it such a coincidence?This is not a coincidence, what is this?Financial warfare, this is modern financial warfare.I can tell you how the imperialists invaded China in the last years of the Qing Dynasty?With the East India Company as the forerunner and the gunboat as the backing, if you understand history, I believe everyone should remember this painful memory.So how did the so-called imperialism invade China today?Guided by internationalization and backed by finance, believe it or not? They entered China, why am I so nervous?When you listen to my speech today, you may mistakenly think that Professor Lang seems to be a socialist economist. Some people may ask me why I am so opposed to imperialism?And my socialist economist is more like a capitalist economist, because I grew up on the milk of capitalism, and I know it too well.I myself was studying in a business school in the United States, and I received American education.That's what they taught me when I was studying in America.You see, I am smart enough, but all my classmates are smarter than me. I didn't realize until I got to Wharton that they were all smarter than me.We entered the Wharton exam and took the GMAT.I am ashamed to say that my grades were very poor at that time, with a full score of 800, and I only scored more than 500 points in the test. Almost all the students in our class, Americans, scored full marks.Unbelievable, they're insanely smart, they know everything I know, and I'm just one guy, and they're thousands of guys, and they run Wall Street, they run all the foreign banks you know, and these guys started financial war. Guided by internationalization and backed by financial warfare, what roles do Rogers and Soros play in the entire financial group?pawn.I also want to suggest that our program production unit can play a clip of the conversation I had with Rogers?When Rogers first started talking to me, he was still arrogant. After being restrained by me, he was a little excited at the beginning, and then he languished in the end. If you don’t believe me, you can check out this clip on the website of China Business News.I despise him at all, this buddy doesn't understand anything, he can only talk nonsense.But why is he still so arrogant?I'm telling you because he's not alone, he's backed by a financial conglomerate.Even the occurrence of the entire Asian financial crisis was not the behavior of Soros himself, but the behavior of the US government. Under the control of the entire financial group, the fame of these individuals has been achieved.But what I am talking to you about today is the problem of the entire financial group.The operators of this financial group are all masters, real masters.And that's why we walk so passively today. Let me give you an example!Japan, for example, in the late 1980s it felt like it was a big deal, you know?They think that their country's exports are very strong, and home appliances and automobiles are selling well in the United States.It's booming.How did the Americans repair the Japanese? They won't engage in manufacturing wars for you, absolutely not.What is he doing?financial war.How to engage in financial warfare?That is, the United States, Germany, Britain, France and Japan jointly signed the "Plaza Agreement" at the Plaza Hotel in New York, USA. The "Plaza Accord" stipulates that the yen should appreciate to reflect supply and demand. What does this mean?Japan has accumulated a large amount of foreign exchange due to the export of many products, just like China at present, so the United States said that it underestimated the Japanese currency and wanted the yen to appreciate.Japan's financial industry is not an opponent of the United States at all. As long as you dare to sign, it means that you have lost, and the Japanese really signed.Do you know what the result of signing is?In the name of the Japanese government, you announced to international speculators and international financial predators all over the world: Comrades, the Japanese currency is about to appreciate, and the Japanese government guarantees that it will appreciate.Now we start thinking with our asses, no need to use our brains, because it is too simple, when you know that the Japanese currency will definitely appreciate, you start buying Japanese currency.What you learn in college is basically wrong and useless.How did your teacher teach you, what is exchange rate?The exchange rate is the price of currency, right? If the teacher teaches you this way, then don’t listen, he doesn’t understand it.Exchange rate is not the price of currency, exchange rate is just a means to achieve political goals.If you don't believe me, check it out.What if demand rises?Raise prices to balance supply and demand.What if demand falls?Lower prices to balance supply and demand.That's not the case with exchange rates, which are just the opposite. As soon as you hear that the Japanese currency will appreciate, international hot money will pour into Japan in large quantities. Do you think that supply and demand are balanced?You are completely wrong, it will only get deeper and deeper, hot money will continue to flow in, and then appreciate and then flow in again.In a few years, Japan's economy was destroyed, and Japan was permanently reduced to a vassal state of the United States.There is nothing to say about the level of the US financial group, and Rogers is just a pawn of the US financial policy.Therefore, when you talk to this person, you will find that he is not very good, but why is he always able to take the lead in international financial wars?That is because of the operation of financial groups. Do you think the Asian financial crisis is a replica of Japan?What kind of phenomenon is the Asian financial crisis?Their entire operation method is quite refined, I am amazed, because what we learned at the beginning was only the knowledge in books, but they used it brilliantly.In Hong Kong before 1997, there were real estate bubbles and stock market bubbles. At that time, the Hang Seng Index of the stock market was as high as 17,000 points.Of course, this is incomparable to today. Today is nonsense, and I don't know the situation. In 1997, the real estate market in Hong Kong soared, and the stock market also soared, rising to an unprecedented 17,000 points, or even 18,000 points, and assets were seriously overvalued.What was Soros doing at this time?Soros started shorting the Hong Kong dollar.What is shorting Hong Kong dollars?Let me take short-selling stocks as an example. The so-called short-selling means that I lend a stock to a securities company today and sell it at today's price of 50 yuan.In fact, I don't own the stock. I just borrowed it. If the stock price falls to 40 yuan tomorrow, I will buy it back and return it to him. Sell ​​it for 50 yuan and buy it back for 40 yuan, and I make a difference of 10 yuan from it.It is the same principle to buy short currencies. If you buy Hong Kong dollars and buy more and more, then there will be a shortage of Hong Kong dollars. Once there is a shortage of Hong Kong dollars, its interest rate will rise.It's that simple, how much is the highest range, do you know?The lending rate of the Hong Kong dollar banking sector reaches a maximum of 268%. What does 268% mean?Our general interest rate is only 6%, while the highest record in Hong Kong at that time was 268%.What does this mean?When interest rates rise and stock prices plummet, the real purpose is not to short your currency, but to speculate in stocks.We found that all these international crocodiles bought a large number of short Hang Seng Index futures in advance. Through the combination of the two, the Hang Seng Index futures fell from more than 17,000 points to 660 points in 1998, making a lot of money and filling their pockets.Then stock prices and property prices plummeted, where did the decline go?It will not disappear, because this is a zero-sum game, and the disappearing stock prices and property prices have been converted into cash and entered into the pockets of Soros and other international financial giants.Do you understand what I mean?This is what international predators will do when there is an asset bubble. So why are there 30,000 points in Hong Kong stocks today?I don't understand the situation.In 1997, people in Hong Kong were frightened by Soros' blow, so as soon as the stock index returned to 17,000 points, it would fluctuate sharply, which is called "Soros oscillation".Why is it now at 30,000 points again? Because the funds come from the mainland, and you don’t know the situation, you get in when you get excited, and you get fooled.Do you know what you've been duped for?There is basically no bubble in Hong Kong's property market. If there is no bubble, the operation direction of international financial predators will be in the opposite direction.They forced the appreciation of the Hong Kong dollar to achieve the purpose of boosting the stock market, so a large amount of our mainland funds entered Hong Kong through Shenzhen. In the end, do you know who is cheaper?It is those international financial predators.Because they bought a large number of stocks at low prices in advance, and then once our Shenzhen funds and mainland funds entered, the stocks began to soar, and they sold them to you to make a profit.For example, this is what Buffett meant by reducing his holdings in PetroChina. What kind of person is Buffett?He is different from the Soros and Rogers I mentioned earlier.Although they are all members of the financial predators group, their operating methods are completely different, which deserves our attention and learning.A friend of Buffett once said that he only buys the best stocks. Take Coca-Cola as an example. He thinks Coca-Cola is the best stock, but he didn't buy it when the price-to-earnings ratio was too high.Finally one day, he came across an opportunity, Coca-Cola made a big mistake, even stupid enough to modify the formula of Coca-Cola.As soon as the news came out, the stock price couldn't help but plummeted. This is an absolutely wrong corporate strategy. Buffett bought a large amount of Coca-Cola's stock at this moment.What is he going to do?What he has to do is to hold stocks for a long time.This person's approach is different from Soros's, not by sniping but by long-term holding. Today, you cannot estimate the value of our Chinese stocks, which are basically unreasonable, and all our mathematical models cannot be used.But when I was teaching in the United States, taking me personally as an example, I have taught many students. When we teach, we pay special attention to the price budget of American stocks. We have many models to calculate stock prices. I can tell you this Accuracy. Take IBM as an example. In 1989, I used the mathematical model in the textbook to estimate the stock value of IBM.At that time, IBM's stock price was 112 yuan, and the value calculated by our model was 102 yuan. Within 3 months, IBM's stock price fell from 112 yuan to around 102 yuan.This proves that the value calculated by our textbook model is 3 months predictive.What I know, everyone on Wall Street knows, because everyone knows this model, and every student must learn these models in our finance class. Using these models to calculate the actual value of US stocks is very accurate. Only under such circumstances will the Buffett phenomenon occur.What phenomenon?Why Coca-Cola is Overrated, and How Do You Know?In our A-share market in China today, do you dare to say who is overvalued?It is not clear, the more overvalued the stock, the higher the price.But this is not the case in the United States. As long as the stock price calculated by this model is very accurate, once you calculate it, you will find that the price calculated by the mathematical model is not much different from the current stock price, or the current stock price Anything higher is an overestimate.So when calculating the value of Coca-Cola, Buffett used this model to calculate it.When to buy it?After Coca-Cola made a big mistake, the stock price fell before buying it. How far did it fall to buy it?Only buy when it falls outside the range estimated by the mathematical model.If you buy at this low point, according to the forecast model, you will definitely make money. This is why Buffett makes money. He doesn't take shortcuts, and he doesn't touch IT stocks.Do you know why you don't touch it?Is he smarter?Does he have a hunch?Comrades, it's not that simple, he didn't have a hunch.In the late 1980s, when the IT stock bubble appeared, the stock price of IT could not be calculated.Because the stock price cannot be calculated, conservative strategic investors in the United States do not invest in IT stocks.What does he do?Basically only do large-scale blue chip stocks in the United States.To be more specific, the stocks he makes are basically the stocks in the Dow Jones Index of the United States, which are the largest blue chips in the United States.You can basically figure out the value of these stocks. Let's go back and see whether Buffett's strategy can be applied to our mainland?All of his investment strategies have a premise, that is, predictability, and the value of stocks can be estimated.If that doesn't work, his strategy won't work.This is the biggest difference between Buffett, Soros and Rogers.Although in a broad sense, they are all members of the financial giant, but Rogers and Soros are snipers, and Buffett adopts an investment strategy based on the actual value of stocks.This is a relatively long-term investment strategy, and his success is basically calculated by some very rigorous mathematical models.This model is very simple, as long as anyone who has taken the class knows it, but he has used this model to the fullest. For such financial groups, whether it is Soros or Buffett, do we have the conditions to contact them in the mainland?Once our financial system accelerates, the people you come into contact with are people like this.As I said just now, this is not an individual behavior, but a national behavior of the entire financial group.Buffett is just a special case. He is a financier who really engages in long-term investment and does not belong to a financial group that mainly focuses on sniping. Due to time constraints, I will start here today. I also hope that I will have the opportunity to talk more deeply about financial predators in the future. I believe I have explained the whole framework to you thoroughly.If you have any questions, I can answer your questions. biased Audience: Hello Professor Lang, I am a college student.You just talked about financial predators and financial warfare, which immediately reminded me of a book——.I have always had the biggest question when I read that book, and I want to confirm it with you: How much of the book is true?Is the mainstream direction of world development really controlled by bankers?For example, the Morgan family, the Cher family and so on. Lang Xianping: I read the content of this book 20 years ago, and it was a famous bestseller in the United States at that time.Almost everyone in my generation who studied finance read it, and it was in English.This was compiled by Mr. Song, and many stories are told in it.As you mentioned just now, is the whole world run by a few people?For example, the Rothschild family has been discussed countless times in Marx's "Das Kapital". After counting, we have talked about it more than 470 times.The Rothschild family has recently declined, but it still plays a pivotal role in European history.Of course, there is a paragraph in the book that is not mentioned, which is Napoleon's Battle of Waterloo.On one side is the Duke of England, and on the other side is Comrade Napoleon. Of these two groups, who is helping them manage their finances?All Rothschilds. In addition, in the era of Margaret Thatcher in Britain, who proposed the reform plan of state-owned enterprises?Also the Rothschilds.But they have now been reduced to a third-rate investment bank, which may be due to the disappointment of future generations.Why is this book only a short-lived flash in the pan in the United States?Because it's too far-fetched.Let me give you an example. This book deliberately beautifies the gold standard. I think it is the author's own problem.Let me tell you a practical case. Everyone knows that Spain and Portugal once plundered South America. Do you know that there was a serious inflation in Europe in the 16th and 17th centuries?How did this come about?Because there is too much gold.Therefore, gold is not a panacea, and too much gold will cause inflation.Why doesn't gold seem to be inflationary today?Because of insufficient supply, once such a currency with insufficient supply appears, it will cause more serious consequences, called deflation, and the demise of many dynasties is due to deflation. Both the Song Dynasty and the Ming Dynasty issued banknotes in the last years of the dynasty, and the banknotes of the Ming Dynasty were called "Daming Baochao".However, due to the excessive issuance, there was no metal currency as a pillar. Therefore, in the last years of the Song Dynasty and the Ming Dynasty, severe inflation was caused by the excessive issuance of paper money.Then let's see, how did these two dynasties deal with the problem?The emperors of the Song Dynasty continued to issue banknotes, and the more they expanded, the more they issued. The emperor of the Ming Dynasty was different. When the emperor of the Ming Dynasty encountered hyperinflation, he immediately stopped issuing banknotes.What phenomenon will this cause?Severe deflation.The biggest crisis in the last years of the Ming Dynasty was that there was no currency to trade, and we have not talked about this period in many histories.No currency makes the entire economy not a recession, but a collapse.在这个时候才产生了张献忠和李自成的起义，起义的导火线是通货紧缩所造成的经济崩溃。你像我们现在，经济这么发达，经济体系这么庞大，全世界有几十万亿的GDP，你有这么多的黄金吗？Impossible.如果这个时候你不改掉金本位制度，所迎接你的必然是经济萧条，通货紧缩，这也就是各国发行纸币的原因。美国人不一样，由于得天独厚的条件，打赢了两次世界大战，所以美金是全世界通用的清算货币，简单地讲，美国什么事都可以不干，你也不要从事任何的生产，你光印钞票就可以了。这是真实的，用印钞机印出来美金，你就可以从我们中国和别的国家随便买你需要的任何东西，因为美元是清算货币。美国人根本就不需要积累外汇，也是因为他是清算货币，但也正因为此，才造成了今天全世界的通货膨胀。 石油价格为什么这么贵？重金属价格为什么这么贵？Where is the reason?美国乱发行货币造成全世界的通货膨胀，这是其中一个原因。我相信这么一讲你就该理解了，不要对于金本位过于崇拜。这是整本书的错误，我们要实事求是地看。这些金融大鳄是不是操控着世界经济？其实在某种程度上来讲这也是对的，可是那只局限于部分国家，美国和英国，其他国家都不是。你不能说他们操控着这两个国家，就是操控着世界。没这么简单吧！虽然这两个国家对世界有很大的影响力，但金融大鳄目前还不能操控中国的经济，还不到时候。操纵法国、德国、西班牙也不行，他们的组织架构不一样。我相信我应该讲得很清楚，很透彻了。 观众：我原来看过您的节目：《财经郎咸平》。在美国国内，这些金融大鳄是非常老实的，不敢做投机的事情；可是在中国国内，比如在香港，他就敢，就跟英国足球流氓一样。在咱们国家，您说到要有严格的法律。如果他们进来，咱们打金融战肯定是不行，但如果通过严格的法律来限制他，有没有可能？ 郎咸平：非常好，这是很重要的课题，我忘了讲了。这些金融大鳄像高盛、美林、花旗等公司，只要被美国证券交易委员会查到，屁都不敢放。然而到了中国来，在香港那个穷凶极恶的样子都不敢想象。怎么这么坏，简直判若两人。我告诉你原因只有一个，美国有严刑峻法，有法制化的游戏规则，香港没有，内地也没有。你只要没有游戏规则，那么他就比谁都坏，因为追逐利润是民营企业的天性，没有法制化的游戏规则他就一定是以大欺小、以强欺弱。我们目前的国际化就是缺乏这种规则。 我们这种国际化的风险在哪里？我们举个农民灌溉田地的例子。你问农民：“农民同志，你能不能告诉我你是如何灌溉的？”农民同志会这么说：“灌溉之前要先挖沟渠，然后再把水闸打开，让水顺着沟渠的方向流到需要水的地方去。”你又问他：“如果你忘了挖沟渠呢？”那农民肯定要骂你一顿：“你忘了挖沟渠，那不是淹没了良田美地！你傻啊？！”我们引进国际大鳄，包括QFII之前，根本就没有挖过沟渠，而且是想都没有想到过，完全不知道规范是多么的重要。如果没有规则，在他进来之后一定是以大欺小、以强欺弱，而这也是我前面一直跟各位强调他们危险性的原因。他们的危险性在于我们没有游戏规则，也就是说，在一个没有挖过沟渠的国家，他们可以把盈利的手段发挥得最淋漓尽致。这就是未来的危机，所以我也在很多场合呼吁政府设立规则。目前缺乏的就是规则。